Last week, the CFPB announced that that it had entered into a consent order with an Illinois-based debt collection company. According to the settlement, the company’s business consists primarily of purchasing and then collecting on defaulted debt from banks and retail credit card companies. As part of the consent order, the company was ordered to

Just two days after the Federal Trade Commission (“FTC”) announced a historic settlement of privacy and security claims against Equifax, the FTC today announced that Facebook has agreed to pay $5 billion in civil fines, arising from its violation of a 2012 consent order with the FTC.  According to the FTC, this is the largest

Earlier this year, in his appearance before the Senate Banking Committee and in remarks to the Consumer Bankers Association, Director Cordray attempted to defend the CFPB’s “regulation by enforcement” approach that relies on enforcement in place of rulemaking.  That approach has been widely criticized by industry and we have shared our own criticism in

The CFPB announced it has entered into a consent order with Student Aid Institute, Inc., a student debt relief company, and its chief executive officer.  The order settles charges that the company and CEO violated the Telemarketing Sales Rule, the Consumer Financial Protection Act prohibition of unfair, deceptive or abusive acts or practices, and Regulation

In his prepared remarks to the Consumer Bankers Association yesterday, Director Cordray attempted to defend the CFPB’s “regulation by enforcement” approach that has been widely criticized by industry.

Director Cordray’s remarks included the surprising acknowledgment that despite indications by his colleagues to the contrary, the reach of CFPB consent orders is not limited to